The apartments approved today will be located in four buildings to be built as part of a development called Boricua Village, one of the largest and most ambitious development initiatives in the South Bronx in recent years. Besides the apartments, it will include the 120,000-square-foot flagship campus of Boricua College, a private college that operates campuses in Washington Heights and Williamsburg, Brooklyn. The complex will also include 40,000 square feet of retail space and underground parking for 175 cars.

Two of the buildings that will contain the affordable apartments will be reserved for low-income families, and the other two will be reserved for middle-income families. The four buildings combined will contain 234 middle-income apartments, 214 low-income apartments and 4 apartments reserved for building superintendents. Three of the buildings will be located on East 163rd Street between Elton and Third Avenues, and one building will be located at Third Avenue and 162nd Street (although 162nd Street will be decommissioned to make way for a campus pedestrian plaza).

“I am proud to conclude my term as president of HDC with this wonderfully emblematic development,” said Emily A. Youssouf, the President of HDC, who has will be leaving her position on Oct. 1. “This complicated transaction highlighting our two core programs of LAMP and New HOP, demonstrates that innovative financial approaches can provide housing for hundreds of families, or even tens of thousands, if you look at our recent figures citywide.”

Since Ms. Youssouf was appointed to lead HDC in November 2003, HDC has financed the construction of 34,236 affordable apartments in 175 developments throughout the five boroughs. HDC has become the leading issuer of affordable housing bonds, issuing $5.6 billion in bonds and low-interest mortgages for housing in New York City.

Boricua Village is being built by the Atlantic Development Group. “I want to thank Emily Youssouf for her strong support not only for this project, but for her tireless efforts to facilitate the construction of affordable housing throughout her tenure as HDC President,” said Peter Fine, principal of Atlantic Development Group. “Boricua Village will bring a wealth of new affordable housing units as well as educational opportunity to the Melrose community and a diverse choice of modern retail options.”

Of the HDC financing approved today, $60.3 million will come from the sale of tax-exempt and taxable, fixed- and variable-rate bonds, and $20.5 million will come in the form of low-interest loans made from HDC’s corporate reserves.